U.S. Jan. Empire State index slips to 20.1 vs rev 26.3 Dec.

WASHINGTON (MarketWatch) -- Manufacturing activity in the New York area expanded at a slower pace in January, the New York Federal Reserve Bank said Tuesday. The bank's Empire State Manufacturing index fell to 20.1 in January from a revised 26.3 in December. The decline was roughly in line with expectations. Economists were expecting the index to slip to 21.0 from the initial estimate last month of 28.7. Despite the decline, new orders held steady in January. The prices paid index also held steady. Shipments rose to their highest level in a year, while inventories dropped sharply. Employment indexes were above December levels.

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